Newspaper article The Journal (Newcastle, England)

Future Is Still Bright for Solar Power Investment

Newspaper article The Journal (Newcastle, England)

Future Is Still Bright for Solar Power Investment

Article excerpt

DESPITE recent reductions in subsidies that allow property owners to generate an income and make savings on energy bills, Solar PV is still a bright investment say Gentoo. After months of uncertainty surrounding the Feed-in Tariff (FiT), a high-profile loss in the High Court in January and appeal to the Supreme Court that was also lost in March, the Government announced it had finally reduced the rate paid to people installing solar panels to their homes or businesses to 21p per kilowatt of energy produced.

When the Government lost its case against Friends of the Earth and other industry groups over its proposed immediate cuts to the FiT in January, the solar industry braced itself for further more drastic reductions. Reductions people feared would be so drastic that they may have undermined the entire UK solar PV market for good.

But since it was announced as of March 3 that the domestic Feed-in Tariff rate would be halved to 21p per kilowatt, industry experts at Gentoo are urging people not to shy away from investing in solar PV, claiming it is still a very worthy investment to make. The current rate paid for energy produced on a domestic dwelling for solar panels up to 4kW in size will again be revised and is likely to reduce as of July 1. Meaning consumers must act soon if they wish to capitalise on annual returns of up to 12%.

As with any maturing market, the unit price of solar PV has reduced because the demand for it has increased. At Gentoo, this is something they've been able to pass on to consumers by significantly reducing the cost of their domestic PV systems - making renewable energy more accessible to people who may not have previously been able to afford a pounds 10,000 price tag.

The amount of money you spend on purchasing a solar PV system significantly affects the level of return you may expect to achieve through the Feed-in Tariff. However, a reduction in what the Government will pay you for generating your own electricity, is significantly offset when businesses like Gentoo have considerably reduced the price of their solar PV.

This provides a very profitable venture for anyone that has money tucked away in a savings account, with expected returns of around 10-12% depending on how many solar panels can fit on your roof. …

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